Armstrong Teasdale Recognized with 2022 Turnaround Atlas Award

July 22, 2022 Firm News

Eric Sutty and Jonathan Stemerman, partners in Armstrong Teasdale’s Restructuring, Insolvency and Bankruptcy practice, were recognized with a Turnaround Atlas Award for the Cross Border Special Situation M&A Deal of Year (sm) for Klausner Lumber Two (KL2).

Presented by the Global M&A Network, the independently governed awards honor the best value-creating transactions, outstanding firms, professionals and leaders from the restructuring, insolvency and distressed investing communities.

Armstrong Teasdale served as counsel to the Official Committee of Unsecured Creditors of KL2. Sutty acted as lead counsel with assistance from Stemerman throughout the case, which involved a sawmill in North Carolina that was abandoned during the COVID-19 pandemic. The Committee was integral to the sale of substantially all of the debtor's assets which obtained a sale price of approximately $83.5 million in cash (plus assumption of other liabilities). The pre-sale appraisal was $11 million. The Committee also was a joint plan proponent in a contested confirmation hearing that was approved by the court.

Sutty advises companies in financial restructuring, mergers and acquisitions, commercial transactions, regulatory compliance, corporate bankruptcy, creditors’ rights and commercial litigation. He regularly represents committees, debtors, debtors-in-possession, secured lenders, unsecured creditors, and trustees in Chapter 11 proceedings. He also represents trustees in Chapter 7 proceedings and post-confirmation estates.

Stemerman concentrates his practice in the areas of corporate, commercial and bankruptcy litigation, as well as corporate transactions, workouts and restructurings. He has represented clients in numerous corporate and complex commercial litigation cases in Delaware and Pennsylvania. He frequently litigates matters in Delaware’s Court of Chancery, including actions involving breach of fiduciary duty, business divorce, receiverships, and books and records requests.

The award was presented at the Global M&A Network’s 14th Annual Awards Gala held virtually on July 21.

Contact Us
  • Worldwide
  • Boston, MA
  • Denver, CO
  • Dublin, Ireland
  • Edwardsville, IL
  • Jefferson City, MO
  • Kansas City, MO
  • Las Vegas, NV
  • London, England
  • Miami, FL
  • New York, NY
  • Philadelphia, PA
  • Princeton, NJ
  • Salt Lake City, UT
  • St. Louis, MO
  • Wilmington, DE
Worldwide
abstract image of world map
Boston, MA
800 Boylston St.
30th Floor
Boston, MA 02199
Google Maps
Boston, Massachusetts
Denver, CO
4643 S. Ulster St.
Suite 800
Denver, CO 80237
Google Maps
Denver, Colorado
Dublin, Ireland
Fitzwilliam Hall, Fitzwilliam Place
Dublin 2, Ireland
Google Maps
Edwardsville, IL
115 N. Second St.
Edwardsville, IL 62025
Google Maps
Edwardsville, Illinois
Jefferson City, MO
101 E. High St.
First Floor
Jefferson City, MO 65101
Google Maps
Jefferson City, Missouri
Kansas City, MO
2345 Grand Blvd.
Suite 1500
Kansas City, MO 64108
Google Maps
Kansas City, Missouri
Las Vegas, NV
3770 Howard Hughes Parkway
Suite 200
Las Vegas, NV 89169
Google Maps
Las Vegas, Nevada
London, England
Royal College of Surgeons of England
38-43 Lincoln’s Inn Fields
London, WC2A 3PE
Google Maps
Miami, FL
355 Alhambra Circle
Suite 1250
Coral Gables, FL 33134
Google Maps
Photo of Miami, Florida
New York, NY
7 Times Square, 44th Floor
New York, NY 10036
Google Maps
New York City skyline
Philadelphia, PA
2005 Market Street
29th Floor, One Commerce Square
Philadelphia, PA 19103
Google Maps
Philadelphia, Pennsylvania
Princeton, NJ
100 Overlook Center
Second Floor
Princeton, NJ 08540
Google Maps
Princeton, New Jersey
Salt Lake City, UT
201 South Main Street
Suite 750
Salt Lake City, UT 84111
Google Maps
Salt Lake City, Utah
St. Louis, MO
7700 Forsyth Blvd.
Suite 1800
St. Louis, MO 63105
Google Maps
St. Louis, Missouri
Wilmington, DE
1007 North Market Street
Wilmington, DE 19801
Google Maps
Wilmington, Delaware